Nigeria Moves to Conserve Foreign Exchange to Boost MSMEs


Enterprise Television – In order to boost job creation, Nigeria has commenced moves to conserve the country’s foreign exchange and boost the growth of the Micro, Small and Medium-scale Enterprises with the launch of a campaign aimed at driving the patronage of Made-in-Nigeria goods and services.

The Minister of Information and Culture, Alhaji Lai Mohammed, said this was in line with the government’s policies toward economic diversification, strengthening the local currency, and increasing local industrial capacity in order to boost job creation.

Mohammed spoke in Lagos on Monday during the launch of the Made-in-Nigeria Campaign for the South-West geopolitical zone.

The event was attended by relevant stakeholders including manufacturers’ association and members of the public.

According to Mohammed, the campaign will be taken to other geopolitical zones of the country.

Mohammed called on local manufacturers to key into the campaign, advising them to leverage information technology to market their goods and services.

The Minister of State for Industry, Trade and Investment, Aisha Abubakar, said that the lack of patronage of locally-produced products and services, among other factors, were responsible for the death of some local companies.

Governor Akinwunmi Ambode of Lagos State observed that the volatility in the global oil market had made it compelling for the country to take the issue of diversification more seriously, stressing the need for the country to conserve its foreign exchange.

He said, “There is no gainsaying the fact that current economic indices are pointing to the unsuitability of our unchecked taste for imported goods. We must as a matter of necessity conserve our foreign exchange, strengthen the value of our local currency and create job opportunities for our people by making a choice to consume what we produce and produce what we consume. This is a sure path to sustainable economic growth and development.”